The Influence Mechanism of Knowledge Heterogeneity of Venture Capital Syndication on Innovation Performance of Entrepreneurial Firms: Evidence from China

Table 7

Robustness check results.

Main	(1)	(2)	(3)	(4)	(5)
	RDI	RDI	RDI	H-KHS	Patapply
KHS	0.108		0.123		0.200
	(0.000)		(0.000)		(0.030)
VAIC		0.000	0.000
		(1.06e − 08)	(1.06e − 08)
IMR					−0.101
					(0.017)
Debt				−0.362
				(0.581)
Lfirmage				−0.124
				(0.382)
Lnasset	−0.004	0.020	−0.014	0.245	0.467
	(0.000)	(0.000)	(0.000)	(0.300)	(0.034)
Roa	−1.034	−1.176	−1.041	−1.527	−0.749
	(0.000)	(0.000)	(0.000)	(2.502)	(0.268)
Tobinsq	0.091	0.097	0.087		0.043
	(0.000)	(0.000)	(0.000)		(0.015)
Indepnum	−2.247	−2.222	−2.304		−1.866
	(0.000)	(0.000)	(0.000)		(0.178)
Synnum	0.011	−0.012	−0.003		0.049
	(0.000)	(0.000)	(0.000)		(0.010)
Grants	−0.002	−0.002	−0.002	0.000	0.000
	(0.000)	(0.000)	(0.000)	(0.002)	(0.000)
Stage	0.301	0.288	0.291		0.0563
	(0.000)	(0.000)	(0.000)		(0.012)
Ownnum	−0.001	−0.001	−0.001		0.004
	(0.000)	(0.000)	(0.000)		(0.000)
Mancost	0.007	0.007	0.007		0.005
	(0.000)	(0.000)	(0.000)		(0.000)
_Cons	17.011	16.942	17.206	−1.624	−0.940
	(0.000)	(0.000)	(0.000)	(2.751)	(0.404)
N	396	396	396	392	391
R^2	0.396	0.398	0.400	0.035	0.223

Standard errors are reported in parentheses .